ForecastQT™ is a web-based application used as a Forecast Performance Management system. It does not create forecasts. We think of it as an "engine management system," sitting on top of your forecasting engine and S&OP processes, providing your mechanics – or forecasters - with the tools to diagnose and fix problems, while learning how to recalibrate to avoid them in future.
ForecastQT™ imports forecast and actual demand data on a weekly/monthly cycle from whatever systems are used to produce them. It then uses proprietary methods to analyse forecast error:
Forecast performance can then be tracked across any dimension (e.g. product, business, channel) and at any level (e.g. category, family, SKU). To help accelerate acceptance of more sophisticated approaches, ForecastQT™ also includes a full range of conventional metrics.
Most of the benefits that ForecastQT™ can deliver come from operational use in routine demand management and S&OP processes - perhaps focussing on eradicating bias (chronic over- or under-forecasting) first, as a quick route to value. However, it can also be used to provide ad hoc or periodic audits of forecast performance.